Butterfield Bank (Guernsey) has seen net profits for the year ending 31 December 2005 increase to GBP 3.84 million from GBP 1.23 million in 2004.
Bob Moore, Managing Director of Butterfield Bank (Guernsey) Limited believes this strong growth in its combined Guernsey operations has achieved against a backdrop of positive economic conditions internationally and supportive investment markets.
'Butterfield Bank Guernsey continues to focus on the development of long-term relationships with both institutional and private clients and this was reflected in several ways,' he says. 'Client deposits rose by 17 per cent to a total of GBP 793 million which was more than matched by the growth in lending which saw a 28 per cent rise to GBP 125 million. Other highlights were an active year in client-led foreign exchange activity and a further rise in investment management fees.
'As the premier provider of administered banking facilities in Guernsey, the Bank also recorded a substantial increase in revenue from this area of the business,' adds Moore.
Client assets under administration increased substantially compared to the previous year, including a strong performance in custody services where securities held in custody more than doubled in value to USD 5.1 million at 31 December 2005.
'Assets under investment management stood at USD 854 million with the Bank's focus remaining on the provision of discretionary portfolio management services for high net worth individuals, family offices and institutional investors,' says Moore. 'Total assets under Butterfield Bank Guernsey's management and administration increased to some USD 20 billion up from USD 16.4 billion a year ago.'
Business growth reported by Butterfield Fund Services (Guernsey) Limited was also strong in the year. Assets under administration rose to USD 6.7 billion at year-end with new funds launched during the year including property, fund of funds and protected cell companies.